Withdrawal Issues from Broker | Forex Factory

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Withdrawal Issues from Broker

  • #1
  • First Post: Edited 7:45am Feb 1, 2021 4:24am | Edited 7:45am
Hey guys,

I am facing some withdrawal problems on IC Markets.

I have exhausted all other channels to withdraw funds (Paypal, Transact365, etc.)

I am left with this method "3D Secure card (via VisaDirect)". I tried it but IC Markets replied with this: "Please be advised that an attempt to refund back to your credit card has been declined by the bank with the message of “DO NOT HONOR”. Kindly speak with your card issuer for them to resolve the issue."

Anyone faced this problem before? I have contacted my bank but they are still looking into it.

What other options do I have to withdraw my funds if this method also fails?

Tips and advice highly appreciated!
  • #2
  • Feb 1, 2021 6:32am Feb 1, 2021 6:32am
i have same problem here withdraw through credit card; i got this email from them

Please be advised that an attempt to refund back to your credit card has been declined by the bank. Kindly speak with your card issuer for them to resolve the issue.
If your bank is still unable to resolve the issue, we recommend withdrawing your funds via bank transfer. Kindly provide a clear bank statement showing your name, bank account number and the latest transaction to IC Markets if applicable, before making your new request.
Thank you for your patience and cooperation.

i think IC don't want customer withdraw through credit card, maybe use banking wire they want earn charges 20 bucks..
  • #3
  • Edited 6:35am Feb 2, 2021 1:25am | Edited 6:35am
I cannot even withdraw to my bank account. I received this reply last night:

You have recently submitted a request to withdraw funds to your bank account, however we are unable to process this request as you have remaining funds from your other payment methods and in accordance with our AML Policy, all funding must go back to the original source of deposit. We can however withdraw the funds via PayPal, if you wish to do so please resubmit your withdrawal request with the appropriate details. Thank you.

They still want me to withdraw through my credit card (Mastercard) which does not work. PayPayl does not work either because I have hit the limit on there too. I tried again and it was rejected again too.

So, how do I get my funds now?
  • #4
  • Feb 8, 2021 8:59am Feb 8, 2021 8:59am
Quoting kweiss10
I cannot even withdraw to my bank account. I received this reply last night: You have recently submitted a request to withdraw funds to your bank account, however we are unable to process this request as you have remaining funds from your other payment methods and in accordance with our AML Policy, all funding must go back to the original source of deposit. We can however withdraw the funds via PayPal, if you wish to do so please resubmit your withdrawal request with the appropriate details. Thank you. They still want me to withdraw through my credit card (Mastercard) which does not work. PayPayl does not work either because I have hit the limit on there too. I tried again and it was rejected again too. So, how do I get my funds now?

Hello kweiss10

Wow, this is pretty serious!

So if you have a request open, why did they decline you withdrawing via your bank, but said it was ok via PayPal?

Are you under IC ASIC or Seychelles?

Did you finally get your money?
  • #5
  • Feb 8, 2021 9:01am Feb 8, 2021 9:01am
Quoting sahheng
i have same problem here withdraw through credit card; i got this email from them Please be advised that an attempt to refund back to your credit card has been declined by the bank. Kindly speak with your card issuer for them to resolve the issue. If your bank is still unable to resolve the issue, we recommend withdrawing your funds via bank transfer. Kindly provide a clear bank statement showing your name, bank account number and the latest transaction to IC Markets if applicable, before making your new request. Thank you for your patience and...
Hi Sahheng

Did you get your money from IC?

Which IC is it? Australia or Seychelles where you are having this issue?
  • #6
  • Feb 8, 2021 11:59am Feb 8, 2021 11:59am
Quoting Polaris38
{quote} Hello kweiss10 Wow, this is pretty serious! So if you have a request open, why did they decline you withdrawing via your bank, but said it was ok via PayPal? Are you under IC ASIC or Seychelles? Did you finally get your money?
I am under ASIC (still) but I have made the move to Seychelles today.

Yes and no, regarding my money (on ASIC regulated account)

1. I created an AUD account and withdrew some funds there. This was accepted but after a few days of waiting for IC Markets to approve my AUD bank account. I withdrew some funds there and it was done and received withing 24 hours.

2. I did an international wire transfer. I had to wait a few days for them to approve my Bank details. I withdrew to there and it has been accepted. But I have not received the funds yet. So, I am waiting now without funds. Could take up to 14 days they say.
  • #7
  • Feb 9, 2021 5:15am Feb 9, 2021 5:15am
Quoting kweiss10
{quote} I am under ASIC (still) but I have made the move to Seychelles today. Yes and no, regarding my money (on ASIC regulated account) 1. I created an AUD account and withdrew some funds there. This was accepted but after a few days of waiting for IC Markets to approve my AUD bank account. I withdrew some funds there and it was done and received withing 24 hours. 2. I did an international wire transfer. I had to wait a few days for them to approve my Bank details. I withdrew to there and it has been accepted. But I have not received the funds...
OK.
Let us know if you finally do receive your wire transfer!
Hope you do!
  • #8
  • Feb 10, 2021 1:15am Feb 10, 2021 1:15am
UPDATE: I recevied my withdrawal of almost 10K EURO per international wire transfer today. The whole process took less than a week. I have my funds now
  • #9
  • Feb 10, 2021 8:01am Feb 10, 2021 8:01am
I currently trade with another ASIC regulated broker known as FP Markets, and I have been trading with them for eight months so far I never came across any issues regarding withdrawals.

I recommend switching to FP Markets if you are looking for another ASIC regulated broker, the spreads and commission costs are lower than ICM.
  • #10
  • Feb 10, 2021 8:05am Feb 10, 2021 8:05am
Quoting Jasonravera
I currently trade with another ASIC regulated broker known as FP Markets, and I have been trading with them for eight months so far I never came across any issues regarding withdrawals. I recommend switching to FP Markets if you are looking for another ASIC regulated broker, the spreads and commission costs are lower than ICM.
Other than this, I have no problems with IC Markets.

The problem I have now is ASIC. They have reduced leverage similiar to the ESMA rates. My trading strategy is contingent on high leverage. A small change in the dynamics of my strategy does not allow me to succesfully trade. I am not interested in looking for a new trading strategy since I have one that works. But thanks for the suggestion.
  • #11
  • Feb 11, 2021 11:24am Feb 11, 2021 11:24am
Quoting kweiss10
UPDATE: I recevied my withdrawal of almost 10K EURO per international wire transfer today. The whole process took less than a week. I have my funds now
Great to hear
Congrats!
  • #12
  • Feb 16, 2021 3:31am Feb 16, 2021 3:31am
It's good when everything is solved the way it should be or there are no problems, and you get your funds.
  • #13
  • Feb 17, 2021 4:58am Feb 17, 2021 4:58am
I have a similar issue with pepperstone. Pepperstone has given me ARN to quote my bank but when i check with my bank they said they cant locate any funds with the ARN pepperstone provided.
Pecuniae obediunt omnia
  • #14
  • Feb 17, 2021 6:30am Feb 17, 2021 6:30am
Quoting PIPot
I have a similar issue with pepperstone. Pepperstone has given me ARN to quote my bank but when i check with my bank they said they cant locate any funds with the ARN pepperstone provided.
How long ago did you withdraw? Could it be that the funds are still in the loop being transfered? My withdrawal took about a week.
  • #15
  • Feb 17, 2021 8:07am Feb 17, 2021 8:07am
I currently trade with FP Markets an ASIC broker and I have never come across such issues regarding withdrawals, It has been smooth and no extra commission charge. I recommend moving to FP Markets if you are looking for another ASIC regulated broker.
  • #16
  • Feb 17, 2021 11:21am Feb 17, 2021 11:21am
Quoting kweiss10
{quote} How long ago did you withdraw? Could it be that the funds are still in the loop being transfered? My withdrawal took about a week.
I dont know whos to blame bc i have made a diff withdrawal to a diff card and it came on time. I tried quoting my bank with the ARN they have provided with no success. Will wait till friday and after that im pushing to report them to their financial regulators.
Pecuniae obediunt omnia
  • #17
  • Feb 18, 2021 1:25am Feb 18, 2021 1:25am
Quoting Travels
I currently trade with FP Markets an ASIC broker and I have never come across such issues regarding withdrawals, It has been smooth and no extra commission charge. I recommend moving to FP Markets if you are looking for another ASIC regulated broker.
Are you working for FP Markets or advertising them because just recently you said this in another thread:

Quoting Travels
I'm a beginner in forex and looking to go live soon, as a beginner would like to know how much should i risk per trade ?
So, if you don't trade live, how can you withdraw or have any good or bad withdrawal issues?
  • #18
  • Feb 24, 2021 7:08am Feb 24, 2021 7:08am
Quoting kweiss10
{quote} I created an AUD account and withdrew some funds there.
To clarify, you had to create a AUD bank account? If yes, how did you maange to create a local AUD account?

I trade with Aussie broker as well and would be easy if i had a AU bank account ,so i can move funds in and out from the broker easily through domestic wire.
  • #19
  • Feb 24, 2021 7:40am Feb 24, 2021 7:40am
Quoting Jlrobert
{quote} To clarify, you had to create a AUD bank account? If yes, how did you maange to create a local AUD account? I trade with Aussie broker as well and would be easy if i had a AU bank account ,so i can move funds in and out from the broker easily through domestic wire.
I have an internet bank account. They give me a dedicated AUD account with an Australian bank account and everything needed.

But no, I did not have to create an AUD account to withdraw. It is just cheaper that way but I have to exchange my EURO into AUD first.
  • #20
  • May 5, 2022 6:56am May 5, 2022 6:56am
Hi guys,

I have a problem withrawing my remaining funds in IC Market.
My withrawal was approved, however, it was divided into 3 parts (they automatically did), 2 parts were already deposited in my bank account, but the other one is missing. I have emailed in their account support, and thru live chat, but what they always say is they have sent my problem to the accounts team and they will send me an update thru email soon but it's already more than one month from my withrawal date, and i hear nothing from them even if I do send frequent follow ups. I have also tried withrawing again, as i have read somewhere to try withrawing again and i might receive them both, but negative, i only received the latest withrawal, not the previous missing one. Can anyone help me? Or experienced the same before?
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